Britain set to seize assets of corrupt politicians, others

Britain no longer wants to be a safe haven for the money of corrupt politicians, public officials and organised crime, as a new law to clamp down on money laundering goes into effect this week.

Officials estimate that around £90 billion ($127 billion, 102 billion euros) of illegal funds are laundered through Britain every year and this includes money stolen from the Nigerian treasury.

Now officials will use new unexplained wealth orders (UWOs), which came into effect this week, to seize suspicious assets and hold them until they have been properly accounted for, Ben Wallace, Security and Economic Crime Minister told The Times newspaper on Saturday. READ MORE HERE